Three High-Profile IPOs to Watch

Three major IPOs are hitting the market, each offering a unique play in fintech and blockchain, but their financial health tells very different stories. Figure Technologies is showing strong momentum with rising revenue and a profitable turnaround, Klarna continues to scale its buy-now-pay-later business while working toward full profitability, and Gemini faces mounting losses and declining revenue as it prepares to list. Here's what investors need to know about how these companies stack up ahead of their market debuts.

$KLAR Klarna

Klarna operates in fintech, primarily in buy now pay later, and has been broadening into money-management tools, merchant advertising, and instant payments. It is set to list on the NYSE under KLAR with a proposed range in the mid-30s, at a valuation near 14 billion dollars, notably below its 2021 peak but aligned with a path back toward sustainable profitability. Revenue growth remains solid, although reported losses persist on a GAAP basis even as adjusted metrics improve. The planned offering is a standard sale of ordinary shares without attached warrants. Investors will want to monitor credit performance, funding costs, and competitive dynamics against Affirm, PayPal, and card networks.

$KLAR Financials:

Klarna is improving operationally with rising revenue and positive adjusted profits, but it still reports GAAP losses. Its financial position is stabilizing compared to the prior year, though profitability remains a work in progress.

• Revenue for FY2025 is projected around $3.0B–$3.1B, growing at a mid-teens pace year-over-year.

• Adjusted operating profit turned positive, but GAAP losses persist.

• The IPO seeks to raise up to $1.27B at an estimated $14B valuation.

• Offering structure is ordinary shares only, no public warrants.

$FIGR Figure Technologies

Figure is a fintech lender built on blockchain rails, best known for originating home-equity loans and packaging loans on its Provenance blockchain, which the company says shortens funding timelines and lowers costs. The business has expanded beyond lending into a broader capital markets and trading stack, and it is coming public into a receptive window for crypto-adjacent listings. Financially, Figure showed a meaningful turnaround in the first half of 2025, posting a profit while growing revenue double digits. The offering terms point to a traditional IPO of Class A common shares on Nasdaq under the symbol FIGR, with no units or public warrants, which is different from Mike Cagney’s older SPAC vehicle that did include warrants. On balance, Figure screens as the healthiest of the three near-term listings due to recent profitability, though investors still need to weigh blockchain, credit, and execution risks.

$FIGR Financials:

Figure has shown a strong turnaround compared to the prior year, moving from losses into profitability while growing revenue. The company’s financial health is improving, making it the strongest among the three upcoming IPOs.

• Revenue in H1 2025 was about $191M, up roughly 22% year-over-year.

• Net income was $29M, reversing a loss from the same period last year.

• The IPO aims to raise up to $526M at an estimated $4.1B valuation.

• Offering structure is common stock only, no public warrants.

$GEMI Gemini

Gemini is a crypto exchange and custodian in the blockchain industry, founded by Cameron and Tyler Winklevoss, and plans to list on Nasdaq under GEMI. The market backdrop for digital assets has improved, yet Gemini’s filing shows pressure on top line and a much wider loss through the first half of 2025. Liquidity has been supported by a credit facility from Ripple disclosed in the S-1, which may scale up under certain conditions. The deal structure is a traditional common-stock IPO without public warrants. Given declining revenue and materially higher losses, Gemini screens as the riskiest from a near-term financial health perspective, and it will likely trade more on crypto sentiment and execution on new products.

$GEMI Financials:

Gemini’s financial health is worsening year-over-year, with declining revenue and sharply higher losses. Reliance on external financing, including a credit facility from Ripple, adds to its near-term risk profile.

• H1 2025 revenue was about $68.6M, down from last year.

• Net loss widened to $282.5M, a significant increase from the prior year.

• The IPO targets up to $317M at an estimated $2.22B valuation.

• Includes a $75M Ripple credit facility to bolster liquidity.

• Offering structure is common stock only, no public warrants.

Closing Takeaway

As these three IPOs approach, their financial trajectories set them apart. Figure Technologies stands out as the strongest candidate, delivering rising revenue and a profitable turnaround. Klarna shows improving operations and positive adjusted earnings, but ongoing GAAP losses make it a watch-and-wait story. Gemini, on the other hand, faces the steepest uphill climb, with falling revenue, widening losses, and a reliance on outside credit to maintain liquidity.

For traders, short-term volatility could create opportunities around the listings, but long-term investors should weigh each company’s fundamentals, competitive positioning, and exposure to broader fintech and blockchain market trends before making any decisions. Want to see these IPO's be traded live? Join the best Options Trading Discord ZTRADEZ below.

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Disclaimer & Disclosure

This content is provided for informational and educational purposes only and does not constitute financial advice, investment recommendations, or an offer to buy or sell any securities. All investing involves risk, including the potential loss of principal. Readers should conduct their own research and consult with a licensed financial advisor before making any investment decisions.

Disclosure: The author holds positions in Figure Technologies (FIGR), Klarna (KLAR), and Gemini (GEMI) and may benefit from any change in the value of these securities.